Honeywell Flour Mills Records 24% Increase In Revenue

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Honeywell Flour Mills (HFM) Plc has recorded revenue of N41.03 billion for the nine months ended December 31, 2013.

A statement from the company yesterday said its unaudited results showed that between April and December 2013, it generated N41.03bn in revenue. The figure represents a 24 per cent rise on the N33.04bn it generated in the same period of 2012.

The income statement also showed that gross profit for the same period was N7.76 billion, from the N5.48 billion reported for the corresponding nine-month period ended December 2012. This the company said “was primarily attributed to the company’s ability to manage input costs that resulted in a slower increase (relative to revenue growth) in the cost of sales, which grew by 21 per cent  to N33.27 billion from N27.56 billion.”

Despite the growth recorded in the review period, the company explained in the statement that security and infrastructure challenges as well as financial costs limited its profitability. It, however, said the management was exploring ways to further reduce costs.